2024-10-19T12:03:51-05:00 2023-12-31 382492570 DOEREN MAYHEW 305 W BIG BEAVER ROAD TROY MI 48084 990 2023-01-01 381646635 ISABELLA COMMUNITY CREDIT UNION ISAB 9897735927 PO BOX 427 MT PLEASANT MI 48804 JENNY HOYLE PRESIDENT/CEO 9897735927 2024-08-15 1 0 ROBERT PARKS P00740435 2482443000 2024-08-15 2023 2024-10-15 13:58:12Z JENNY HOYLE PO BOX 427 MT PLEASANT MI 48804 10689856 0 X WWW.ICCUONLINE.COM X CREDIT UNION 1958 MI TO PROVIDE FINANCIAL SERVICES TO MEMBER OWNERS WITH A COMMON BOND. 9 9 61 10 34804 0 0 0 6965739 8265167 990935 1484953 -2447 -1884 7954227 9748236 45186 44154 0 0 2776576 3327128 0 0 0 3518166 6035585 6339928 9406867 1614299 341369 184759950 191665027 170962930 176807774 13797020 14857253 BUILDING LIFETIME MEMBER RELATIONSHIPS AS A TRUSTED FINANCIAL PARTNER. 0 0 PROVIDE 13,389 MEMBERS WITH REGULAR SAVINGS, SHARE DRAFTS, CERTIFICATES OF DEPOSIT, IRA, CLUB, HEALTH SAVINGS, AND MONEY MARKET ACCOUNTS WITH AGGREGATE DEPOSIT BALANCES THAT APPROXIMATED $174,386,000 AS OF DECEMBER 31, 2023. PROVIDE 8,251 LOANS INCLUDING MORTGAGES, BUSINESS, HOME EQUITY, CREDIT CARDS, SHARE SECURED, VEHICLE, AND LINE OF CREDIT LOANS WITH AGGREGATE LOAN BALANCES THAT APPROXIMATED $110,317,000 AS OF DECEMBER 31, 2023. OFFER BILL PAYMENT, COURTESY PAYMENT, AUTOMATED TELLER MACHINES, MONEY ORDERS, WIRE TRANSFERS, DEBIT CARDS, REMOTE DEPOSIT CAPTURE, ONLINE MOBILE BANKING AND VARIOUS INSURANCE PROGRAMS. 0 0 0 0 0 0 0 0 0 1 1 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 0 0 0 0 0 0 0 1 3848 0 1 61 1 1 1 0 0 0 0 0 0 0 X 9 9 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 X ISABELLA COMMUNITY CREDIT UNION 9897735927 2400 SOUTH ISABELLA ROAD MT PLEASANT MI 48858 TINA POWELL CHAIRPERSON 1.00 X 0 0 0 JASON KENNEY VICE CHAIRPERSON 1.00 X 0 0 0 ROBERT DENSLOW SECRETARY 1.00 X 0 0 0 CHAD SCHAFER TREASURER 1.00 X 0 0 0 MICHAEL METRO DIRECTOR 1.00 X 0 0 0 AMANDA SCHAFER DIRECTOR 1.00 X 0 0 0 KEVIN CHAMBERLAIN DIRECTOR 1.00 X 0 0 0 EMMA LATOSKI DIRECTOR 1.00 X 0 0 0 ROBIN WYBENGA DIRECTOR 1.00 X 0 0 0 JENNIFER HOYLE PRESIDENT/CEO 40.00 X 191959 0 44744 SUE LILLICH CFO 40.00 X 108090 0 22082 300049 0 66826 2 0 1 0 CU COOP SYSTEMS 9692 HAVENS AVE RANCHO CUCAMONGA CA 91730 DEBIT/ATM PROCESSOR 419721 MASTERCARD 2000 PURCHASE ST PURCHASE NY 10577 DEBIT/CREDIT CARD 359749 CUANSWERS 600 28TH STREET SUITE 100 GRAND RAPIDS MI 49546 DATA PROCESSING 196552 3 LOAN INTEREST INCOME 522100 5456999 5456999 FEE AND OTHER INCOME 522100 2773364 2773364 FINANCE AND INSURANCE 520000 34804 34804 8265167 1485665 1485665 43667 45551 -1884 -1884 -1884 888507 6850 896069 0 -7562 6850 -712 -712 9748236 9713432 34804 0 X 44154 366875 2124922 189102 453430 192799 49153 46412 807508 198185 355600 419721 225681 4802 125876 2117887 417682 62135 LOAN SERVICING 520871 PROVISION FOR LOAN LOSS 515048 MISCELLANEOUS EXPENSE 124523 EXAMINATION FEE 30564 13937 9406867 2255251 1949626 5303372 10155820 102536273 109779111 244865 164015 5232499 1449680 3410888 3782819 59616286 54236345 5563074 5385006 5829941 6212285 184759950 191665027 1845589 2421888 169117341 174385886 170962930 176807774 X 0 0 0 0 13797020 14857253 13797020 14857253 184759950 191665027 X 341369 925050 -206186 X X 0 1 X 1 0 865078 865078 3116025 645711 2470314 1251396 803969 447427 3782819 FEDERAL AGENCY SECURITIES (AFS) 3169755 F CERTIFICATES OF DEPOSIT (AFS) 23701625 F CO-OP NETWORK STOCK 100 C CU*ANSWERS INVESTMENT 144000 C CERTIFICATES OF DEPOSIT 11858000 C CERTIFICATES OF DEPOSIT (HTM) 5613000 C MBS 7789740 F CMOS 1285761 F TREASURY SECURITIES 471405 F INVESTMENT IN CUSO_X-TEND 53000 C CU SOLUTIONS INVESTMENT 149959 C 54236345 MEMBER SHARES AND DEPOSITS 174385886 174385886 X 9793787 0 9793787 -45551 -45551 9748236 9452418 45551 45551 9406867 0 9406867 PART X, LINE 2: THE CREDIT UNION IS EXEMPT, BY STATUTE (IRC SECTION 501(C)(14)), FROM FEDERAL INCOME TAX. PART XI, LINE 4B - OTHER ADJUSTMENTS: RENTAL EXPENSE IS REPORTED AS A REDUCTION OF RENTAL REVENUE IN THE STATEMENT OF REVENUE WITHIN FORM 990, BUT INCLUDED IN EXPENSES WITHIN THE AUDITED FINANCIAL STATEMENTS. -45,551. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSE IS REPORTED AS A REDUCTION OF RENTAL REVENUE IN THE STATEMEN STATEMENT OF REVENUE WITHIN FORM 990, BUT INCLUDED IN EXPENSES WITHIN THE AUDITED FINANCIAL STATEMENTS. 45,551. X X X 0 1 0 JENNIFER HOYLE PRESIDENT/CEO 191959 0 0 0 0 0 17116 0 27628 0 236703 0 0 0 PART I, LINE 4B JENNY HOYLE, PRESIDENT/CEO ENTERED INTO A 457(F) NON-QUALIFIED PLAN EFFECTIVE DECEMBER 12, 2019. THE CREDIT UNION IS THE SOLE OWNER OF AN ANNUITY WILL BE USED TO FINANCE THE COST OF PROVIDING THE FUTURE BENEFIT TO THE EXECUTIVE. THE CREDIT UNION FUNDED THE ANNUITY WITH AN INITIAL INVESTMENT OF $750,000 WITH AN ADDITIONAL AMOUNT OF $150,000 PER YEAR FOR THE NEXT FIVE CONSECUTIVE YEARS. PAYOUTS OF THE BENEFIT IN AN AMOUNT EQUAL TO 100% OF THE EARNINGS ARE SCHEDULED FOR SEPTEMBER 25, 2025 AND SEPTEMBER 25, 2030. CUMULATIVE EARNINGS RECORDED TO THE BENEFIT PAYABLE SINCE PLAN INCEPTION EQUATED $107,920 AS OF DECEMBER 31, 2023. ALISHA CHAMBERLAIN CREDIT UNION EMPLOYEE AND DAUGHTER OF A CREDIT UNION BOARD MEMBER 39867 COMPENSATION 0 FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION HAS A SINGLE CLASS OF MEMBERS WITH EQUAL RIGHTS OF OWNERSHIP, GOVERNANCE AND VOTING. FORM 990, PART VI, SECTION A, LINE 7A THE BOARD OF DIRECTORS IS ELECTED BY THE MEMBERSHIP AT THE ANNUAL MEETING. EACH BOARD MEMBER IS ELECTED FOR A THREE YEAR TERM. TERMS ARE STAGGERED SO THEY EXPIRE ON ALTERNATING YEARS. FORM 990, PART VI, SECTION A, LINE 7B CREDIT UNION DECISIONS THAT ARE SUBJECT TO MEMBERSHIP APPROVAL ARE MERGERS INTO ANOTHER CREDIT UNION. FORM 990, PART VI, SECTION B, LINE 11B A REVIEW IS CONDUCTED BY THE CFO AND PRESIDENT/CEO PRIOR TO SUBMISSION TO THE IRS. SUBSEQUENT TO FILING, THE BOARD OF DIRECTORS IS PROVIDED WITH A COPY OF THE 990 RETURNS SUBMITTED. FORM 990, PART VI, SECTION B, LINE 12C SELECT CREDIT UNION STAFF MEMBERS MONITOR AND REVIEW SPECIFIC REPORTS FOR EMPLOYEE AND BOARD OF DIRECTOR ACTIVITY. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD OF DIRECTORS APPOINT A THREE PERSON COMMITTEE. THE COMMITTEE IS RESPONSIBLE FOR COMPILING INPUT FROM THE OTHER BOARD OF DIRECTOR MEMBERS AND COMPLETE AN EVALUATION OF THE PRESIDENT/CEO. THE BOARD OF DIRECTORS USE SALARY SURVEYS AND PEER REVIEWS TO DETERMINE SALARY LEVELS. SALARY INCREASES ARE BASED ON OVERALL PERFORMANCE. THE PRESIDENT/CEO PERFORMS AN ANNUAL EVALUATION OF THE CFO, VP OF LENDING, AND HR/COMPLIANCE. SALARIES ARE DETERMINED BASED ON BUDGET REVIEW AND GIVEN TO THE BOARD OF DIRECTORS FOR APPROVAL. SALARY INCREASES ARE BASED ON OVERALL PERFORMANCE. PERFORMANCE REVIEWS ARE PERFORMED ANNUALLY ON EACH EMPLOYEE'S ANNIVERSARY DATE. FORM 990, PART VI, SECTION C, LINE 19 MONTHLY FINANCIAL STATEMENTS ARE POSTED IN THE CREDIT UNION LOBBY. OTHER DOCUMENTS AND POLICIES ARE AVAILABLE FOR REVIEW UPON REQUEST. FORM 990, PART IX, LINE 11G OTHER PROFESSIONAL SERVICES 807,508. FORM 990, PART IX, LINE 24E ASSOCIATION DUES 13,937. FORM 990, PART XI, LINE 9: CUMULATIVE CHANGE IN ACCOUNTING PRINCIPLE -206,186. FORM 990, PART XII, LINE 2C THERE WERE NO CHANGES IN THE PROCESS OF THE COMMITTEE THAT ASSUMES RESPONSIBILITY OF THE OVERSIGHT OF THE AUDIT AND SELECTION OF THE INDEPENDENT AUDITOR.